Argentina is running out of wiggle room in a billion-dollar showdown over foreign debts left unpaid since the country's world-record default a decade ago, and the stakes couldn't be higher for President Cristina Fernandez. She risks triggering another historic debt default if she doesn't agree to pay the so-called "vulture funds" she blames for much of Argentina's troubles. Fed up with Argentina's refusal to honor its debts despite losing in appellate court, U.S. District Judge Thomas Griesa in New York said he is determined to make Argentina pay at least something to the plaintiffs. His idea is to tap into the money Argentina already pays to other bondholders, by making banks that process...
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